Energy Market Info

The Electricity Market in Greece
Today in Greece, the electricity market operates under the mandatory pool system model.
This model dictates that all transactions pertaining to electricity and complementary products carried out by participants relate to the day-ahead market. In addition, all participants are required to participate in the pool system, while bilateral physical transactions between participants are not permitted.
The participants are the following:

Producers and Self-producers
Producers hold a production license for production plants, which are registered in the register of plants. Self-producers are holders of a production license; they produce electricity for their own use and inject excess energy into the system.

Suppliers are holders of a supply license and purchase energy directly through the Day-Ahead Scheduling* in order to meet their customers' requirements.

Importers are holders of a supply license or a marketing license, procuring energy quantities from external producers or suppliers and injecting these quantities into the Day-Ahead Scheduling.

Exporters are holders of a supply, production, or marketing license, procuring energy quantities from the Day-Ahead Scheduling, which they export to other countries.

The selecting customers are electricity consumers who have the right to choose their Supplier.

In summary, the producers and importers sell the produced and imported energy, respectively, in the wholesale market, while the suppliers and exporters buy energy from the Day-Ahead Scheduling, which they resell in the retail market (customers) or export, respectively.

*Day-Ahead Scheduling (short-term/day-ahead wholesale market): It includes the daily market of energy and ancillary services from which the Dispatch Schedule for the system plants derives.
As a complete and fully vertically integrated Producer and Energy Supplier, ELPEDISON supplies the system with electricity produced in its two privately owned factories and, at the same time, trades energy in thousands of homes and businesses that comprise its customer base. Operating within the context of the current model of the Electricity Market, as analyzed above, ELPEDISON supplies energy through Day-Ahead Scheduling to satisfy the needs of its customers. Energy costs and other related costs are subject to fluctuations. As a result, ELPEDISON readjusts the Supply Fee of its customers, in line with the fluctuations in the Supplier's Electricity Purchase Cost in the Interconnected System (hereinafter referred to as “Reference Size x”) and the Regulatory Authority for Energy (RAE) Decision no 409/2020, within the framework of compliance with the principle of transparent, accurate and understandable provision of information in ELPEDISON' s communication with Consumers (Article 17, par. 1b ESCC) and the promotion of its products in general (Annex 1, Articles 1 and 3 ESCC). 

Elpedison's tariff readjustment mechanism follows the basic RAE directive in order to: a) be transparent with a clearly defined method of activation and calculation, which shall be known by the Customer in advance, b) avoid excessive volatility in the amount of consumption, c) offer, as far as possible, adequate options regarding risk management capability for price fluctuation over time, and d) be part of the Supply Contract. It is, therefore, determined by: i) The Market Clearing Price (MCP), i.e. the clearing price of the Day Ahead Market of the Greek Energy Exchange, which is a combination of the daily Sales and Purchase orders, ii) The Surcharges Accounts, iii) The Weighted Variable Cost of Thermal Conventional Plants (WVCTCP), iv) The cost associated with the Transitional Flexibility Compensation Mechanism or the Long-term Power Adequacy Compensation Mechanism or any other national long-term or short-term measure to ensure the availability of sufficient power supply or to address problems caused by the lack of flexible production capacity, v) any additional wholesale costs that may result from the entry into operation of the Electricity Markets of Law 4425/2016 (Wholesale Market for Forward Market, Day-Ahead Market, Intraday Market and Balancing Market), or any other costs arising from relevant ministerial decisions, regulatory provisions or regulations.  The above indices consist of Monthly Reference Index x.

Electricity Purchase Cost Readjustment

Since Monthly Reference Index x remains within the fluctuation range Li - Lu, the Supply Fee paid by the Customer will not change. In the event that the above-defined sum is above the aforementioned range, the Supply Fee will be increased according to the following formula: a*(x-Li)+b. If the above-defined sum is below the aforementioned range, the Supply Fee will be reduced according to the following formula: a*(x-Lu)+b. The above coefficients are currently defined as follows: a=1,2110, b=0,01, Li=30 €/MWh, and Lu=40€/MWh. The MCP is published on the website of the Energy Exchange ( while the items’ costs (ii) up to (including) (v) are published on the Independent Power Transmission Operator website ( 
Concerning the fluctuation range of the values of size x, for which no activation of the readjustment mechanism (safety area) is envisaged, this shall be set to be reasonably compatible with the fluctuation in values of size x based on historical data and reasonable admissions-assumptions, to minimize, as far as possible, the need to activate the readjustment mechanism. Any readjustment of the Supply Fee will appear as a credit or debit in the Consumption Clearance Account, issued after the consumption month in which the readjustment was applied.

· To learn more about the history of the Electricity Purchase Cost per month (Reference Index x), click here.
· For more information on TTF, click here.
· For more information on CO2, click here.
· For more information on Large Accounts Pricing Factors, click here.
· To learn more about the Independent Power Transmission Operator's Accounting Rate of Change due to the Supplier consumption profile and balancing market, click here.

ELAPE (RES Special Account) Balancing

On 09/12/2020, according to Law 4759 (Government Gazette - No.: 245, Article 157), electricity suppliers were charged an additional electricity fee of €2/MWh for the consumption of the meters they represented within 2020. This specific charge derives from the calculation of the special RES and HECHP of an interconnected system and interconnected network or the calculation of the RES and HECHP NII. In the context of the above, ELPEDISON proceeded to apply a fee equal to 2€/MWh to the Customers it represents, based on their consumption during the year 2020.